Dogecoin (DOGE) and Shiba Inu (SHIB) are just two of the many meme coins that have gained popularity in the cryptocurrency market in recent times.
Despite the fact that these currencies have a sizable fan base thanks to their quirky beginnings, they have had a hard time staying stable and gaining universal acceptance.
Collateral Network (COLT), on the other hand, has tokens priced currently at $0.01 and is forecast to increase 35x over the next 6 months.
Investors want to know why Dogecoin (DOGE) and Shiba Inu (SHIB) have gained such popularity, as well as what makes Collateral Network (COLT) so promising.
The digital currency DOGE, the native token for Dogecoin (DOGE), was invented as a joke in the then-explosive cryptocurrency industry. Due to its humorous take on Bitcoin (BTC) and its usage of the Dogecoin (DOGE) meme, which portrays a Shiba Inu dog, it immediately attracted a dedicated following.
However, Dogecoin (DOGE) was a joke cryptocurrency that has since failed to gain broad use and stability. The absence of a defined function for Dogecoin (DOGE) is its major drawback.
Whereas Bitcoin (BTC) and other cryptocurrencies were created to function as a decentralized form of cash, Dogecoin (DOGE) serves primarily as a meme currency.
The volatility and absence of stability for Dogecoin (DOGE) have hindered its adoption as an official currency.
Shiba Inu (SHIB)
The Shiba Inu (SHIB) cryptocurrency is another meme coin based on Dogecoin (DOGE) that launched in 2020.
Its usage of the Shiba Inu meme as well as its overall humorous approach to cryptocurrencies have attracted a large fan base, much like Dogecoin’s (DOGE) did. Nonetheless, Shiba Inu (SHIB) has battled for stability and widespread acceptance.
Shiba Inu (SHIB) is managed by a central authority, the Shiba Inu Foundation, in contrast to other cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), which are decentralized and use a distributed network of computers to validate transactions.
Due to its somewhat centralized nature, Shiba Inu (SHIB) is easily manipulated, which is why investors are wary of the Shiba Inu (SHIB) token.
Another issue is that Shiba Inu (SHIB) puts too much stock in hearsay and conjecture. Despite the widespread publicity for Shiba Inu (SHIB) thanks to its catchy moniker and endearing aesthetic, Shiba Inu (SHIB) has failed to demonstrate its practicality or find a concrete use case. The price for Shiba Inu (SHIB) has plummeted by 74.49% so far from its all-time high.
Collateral Network (COLT)
Collateral Network (COLT) has become the leading challenger lender because it enables borrowers from anywhere in the world to quickly and conveniently access funds locked up in their blockchain-based assets.
In essence, this implies that everyone on the Collateral Network (COLT) network will operate as a decentralized bank, lending out small amounts of money at a fixed interest rate.
Instead of selling digital assets or going through the time-consuming vetting of the conventional lending industry, borrowers can simply use the real assets they already have registered on the blockchain to get short-term loans.
They also benefit from increased anonymity, as borrowing through the Collateral Network (COLT) network leaves no trace of a borrower’s credit history. Lenders gain since they are guaranteed a regular weekly payment.
Borrowers who hold the Collateral Network (COLT) token pay lower interest rates and transaction costs, while crowd lenders save money on trading costs on the Collateral Network (COLT) exchange.
Collateral Network (COLT) is preferable to Dogecoin (DOGE) and Shiba Inu (SHIB), two altcoins with no utility outside the realm of jokes, and deserves serious consideration in 2023 and beyond.
Find out more about the Collateral Network presale here:
Website: https://www.collateralnetwork.io/
Telegram: https://t.me/collateralnwk
Twitter: https://twitter.com/Collateralnwk
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
Was this writing helpful?
No Yes
PR Manager
Press release about recent ICOs, announcement from startups, new cryptocurrency launch by firms and unlike.
Read More
Recently, there has been increased interest from holders of Memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) in the new Collateral Network (COLT). COLT is a decentralized lending platform and a yield farming platform built on the Ethereum network.
The main features of the Collateral Network are to provide users with fast access to liquid funds, as well as low transaction fees and instant access to liquidity. Additionally, the platform will provide incentives for farmers and other users who participate in yield farming.
The holders of Dogecoin and Shiba Inu are showing increasing interest in the Collateral Network given its potential to bring about major changes in the crypto landscape. Dogecoin (DOGE) and Shiba Inu (SHIB) are both memecoins that have gained considerable popularity over the recent years with their marginal trading volumes increasing massively.
The holders of the two memecoins are particularly interested in the DeFi Ethereum-based platform which will allow them to gain financial freedom from centralized banks and institutions by allowing them to earn yields from liquidity pools. By depositing their accrued tokens and collaterals into the network, they will also be eligible to receive rewards in the form of liquidity mining.
Users can also benefit from the Collateral Network when it comes to borrowing funds or exchanging tokens by taking advantage of the higher degree of liquidity. Furthermore, they can also capitalize on other features like staking and lending that are offered in the platform.
The DeFi fans of memecoins such as Dogecoin and Shiba Inu are likely to make strategic use of the Collateral Network in the years to come. Hence, it is likely that the Collateral Network will become popular among holders of DOGE and SHIB in the near future.
